Opcom Holdings shares down 17% in early trade

Opcom Holdings shares down 17% in early trade
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KUALA LUMPUR (Oct 18): Shares of fibre optic cable maker Opcom Holdings Bhd fell as much as 17% to its intraday low of RM1.15 in early trade on Monday. The stock was among the top losers on Bursa Malaysia.

At 12.09am, it was trading down 16 sen or 11.6% at RM1.22, with 18.39 million shares done. Its market capitalisation was RM283.62 million. Its share price, however, has surged 221.05% year to date.

The ACE Market-listed company has recently garnered interest from investors following news that the implementation of the National Digital Network (JENDELA) plan in Perak will involve construction of 171 new telecommunication towers and upgrading of 1,754 communication transmitters. Opcom was seen as one of the beneficiaries of the project.

Opcom’s stock price reached a multi-year peak at RM1.68 on Oct 12 but has since pared some gains.